Middle East

Data from trade sources shows that Indian refiners have turned to imports of?lubricants from Latin America and Africa, after Middle East supplies were disrupted by the Israeli-U.S. War on Iran. The world's third largest oil importer and user bought the majority of its crude oil from the Middle East before the war began at the end February. Kpler's preliminary data shows that Indian refiners increased their imports of Venezuelan oil in April and may to cover the shortfall. They also continued to purchase Russian oil. India stopped buying oil from Iraq last month as the exports had been halted. It...

Nirmala Sitharaman, Indian Finance Minister, urged India to concentrate on fuels and fertilisers and to save foreign exchange amid the Gulf Crisis. Modi called for Indians this month to save fuel, avoid buying gold, and take other austerity measures to manage the energy crisis and economic headwinds. Sitharaman stated that it was important for the Prime Minister to call on all countries to conserve their foreign currency as much as possible. She added that this should be considered when focusing on the 3Fs (fuel, fertilizer and foreign exchange). India is suffering from the effects of high crude oil prices and...

Sources with knowledge of this matter said that a Qatari team was in Tehran Friday to "try to secure a deal" to end the "war" with Iran and to resolve outstanding issues. Doha had previously acted as a mediator for the Gaza War and other international conflicts, but it has now backed away from a role of mediation in the Iran War after being attacked by Iranian drones and missiles in the most recent conflict. The source added that "a Qatari team of negotiators is in Tehran this Friday" and that they had traveled in coordination with the United States....

SpaceX released its IPO on Wednesday. It revealed to investors how much Elon Musk loses on?artificial Intelligence, while betting on the future of the company by transforming it into a rocket maker that is a powerhouse in AI. SpaceX's future depends on dominating markets and technologies that don't yet exist, from AI data centers to Mars missions. Musk's track record of turning Tesla into the world's most valuable automaker, developing the first reusable rocket and the largest satellite network and making it the most valuable company in the industry is enough for many to justify investing. Musk has tightened his...

Treasury Secretary Scott Bessent called on allies on Tuesday to disrupt Iran's.financing network and said that the Treasury would clear its outdated sanctions list to.make it easier for the financial institutions to.root out the most sophisticated terrorist funding schemes. Bessent said that after the G7 finance leaders met at Paris, participants in an anti-terrorism funding conference should "stand in full measure with us" against Iran. Bessent stated that "this will require our European partners, for example to join the United States by taking action against Iran, including by designating its financiers and unmasking their shell and front company, closing its...

Sanjay Khanna, the chairman of India's Bharat Oil Corp. said that it is recalibrating its crude import strategy nearly daily and increasing?spot purchase after the U.S./Israeli conflict in Middle East disrupted Middle East supply. India, which is the third largest?oil?importer and?consumer in the world, has been affected by the rising crude prices as well as supply disruptions after the Strait of Hormuz was closed. South Asian nation raised retail petrol and diesel prices twice in one week. The refiner planned to purchase about 55% of its crude requirements for 2026/27 via annual contracts, mostly from Middle Eastern producers. Khanna stated...

A top government minister announced on Tuesday that Italy would extend a 'cut in fuel excise duty due to expire May 22 as part of efforts to curb the soaring energy prices caused by the Middle East conflict. Matteo Salvini, Deputy Prime minister and Transport & Infrastructure Minister, said during an interview with RTL 102.5 that "we will definitely have to extend the excise reduction." It has spent about?1 billion Euros ($1.16 billion), so far, to reduce?excise duty on?petrol or diesel pump prices. The measure was first introduced in March, and then extended for the first time in late April....

The U.S. Department of Energy reported on Monday that a'record 9.9 millions barrels of oil were shipped from the Strategic Petroleum Reserve in the United States last week. This pushed the total volume of the U.S. Government's emergency stockpile to 374 million barils, the lowest level since July 2024. The Trump administration wants to?release 172 million barrels of oil from the reserve, as?part a global deal to calm down the oil markets after prices?spiked due to the U.S. and Israel's war with Iran which began almost three months ago. In April, the?Energy Department offered approximately?92.5 millions barrels of?sweet crudes and...

S&P, the credit rating agency, upgraded Nigeria's long term sovereign rating from "B-" to "B" on Friday citing improved creditworthiness. The agency stated that higher oil prices and production, an increase in domestic refining capacity, and the decision to liberalize exchange rates by 2023 will boost Nigeria's economy and improve the balance of payments. It also revised Nigeria's outlook from "positive" to "stable". The World Bank said in April that it expected Nigeria's economic growth to be about 4.2% in 2026, despite the Iran War, and encouraged authorities to conserve windfalls from higher oil prices, to maintain a tight monetary...

JSW Dulux, an Indian paint manufacturer, expects to achieve double-digit growth in volume in fiscal year 2027. However margins are likely to be under pressure due to volatile costs associated with Middle East uncertainty. The warning shows how the increase in raw material prices linked to crude oil and the war in the Middle East are impacting India's painting sector, even though demand is strong. Paint makers are forced to raise prices due to the higher costs, and disruptions to gas supplies also affect production. There are challenges... many workshops aren't running at full speed because there isn't enough gas,"...

U.S. trade representative Jamieson Greer said in a live interview with Bloomberg News on Friday that China wanted to see the Strait of Hormuz open again without any curbs or tolls. He added that the U.S. Beijing was confident that it would take action to 'limit' material support for Iran. He cited remarks made by Chinese officials during the Beijing summit of U.S.-China leaders. "It was very clear that the Strait of Hormuz should be open for China, with no tolling and no military control. We welcome this. Greer attended summit meetings between the?U.S. President Donald Trump met with Chinese...

Iraqi officials have approached the International Monetary Fund (IMF) to secure financial assistance due to?the Middle East conflict, said a source with the IMF as well as an Iraqi official on Thursday. The IMF source said that initial discussions took place at the spring meetings in Washington of the IMF and World Bank last month. Discussions are still ongoing on how much funding Iraq will need and the structure of any loan. Iraqi officials who advise on financial policy have said that Iraq has begun preliminary talks with the IMF and World Bank about a loan for the country's finances,...

Although the Iran war has impacted crude oil and natural gas prices, its impact on coal has been muted. Prices for thermal grades are quietly rising to multi-year heights. The conflict between the United States of America and Iran has led to the loss of about 10% of world crude oil, and a fifth of LNG, but thermal coal supplies remain largely unaffected. Even though the cost of shipping and producing has increased due to higher fuel prices. Coal prices are not solely driven by the?Iran War. Other factors, such as low Chinese production and Indonesian regulations, may be more...

Oil prices fell to a 'two-week low' on Monday, despite the fact that U.S. President Barack Obama and Iranian President Hassan Rouhani remain at odds on key issues. These include the blockades of the Strait of Hormuz which continue to limit oil supplies from the Middle East. Brent crude futures fell $4.71 or 4.55% to $98.83 per barrel at 2234 GMT. U.S. West Texas Intermediate was $92.03 per barrel, down $4.57 or 4.73%. Both contracts reached their lowest levels since May 7 earlier in the session. On Saturday, U.S. president Donald?Trump stated that Washington and Iran had "largely" negotiated a...

Marco Rubio, the Secretary of State, said that although there has been some progress in talks with Iran, and the United States is constantly communicating?with pakistani'mediators', there is still a lot more work to be done. There has been progress. I would not exaggerate. "I wouldn't minimize it," Rubio said to reporters following a NATO Ministers Meeting in Sweden. He added, "There is still more work to do." "We are not yet there." "I hope we get there." Rubio stated that President Donald Trump prefers to make a "good deal". He said that the core concern is that Iran cannot...

The government reported on Thursday that Japanese car exports to the Middle East had almost been wiped out, as the U.S./Israeli war against Iran disrupted shipping into a region of importance for global automakers such as?Toyota? and?Nissan? According to the collapse, shipments of used Japanese cars and trucks to the region have virtually stopped following the closure of the Strait of Hormuz. The Ministry of Finance released data on Thursday showing that motor vehicle exports into the Middle East fell by more than 90%, both in value and volume, from the previous year. This highlights the auto industry's vulnerability to...

The price of oil fell on Wednesday, after U.S. president Donald Trump re-assured that the war with Iran would 'end very quickly'. However, investors are still unsure about the outcome of the peace talks due to the continued disruptions in Middle East supply caused by the conflict. Brent crude oil futures dropped 45 cents or 0.4% to $110.83 a bar by 0050 GMT. U.S. West Texas intermediate futures were also down 27 cents or 0.3% to $103.88. The benchmarks both fell by nearly $1 after U.S. vice president JD Vance stated that the U.S. had made progress with Iran in...

Bharat Petroleum Corporation, India's state refiner. Sanjay Khanna, the chairman of Bharat Petroleum?Corp. said on Tuesday that it is recalibrating their crude import strategy nearly daily and ramping up its spot purchases following the U.S./Israeli conflict against Iran which disrupted Middle East supplies. India, which is the third-largest oil importer and consumer in the world, has been affected by the rising prices of crude and the disruption of supply following the closing of the Strait of Hormuz. South Asian nation raised retail petrol and diesel prices twice in one week. BPCL planned to procure about 55% its crude requirements?for 2026/27...

There is a cooking gas shortage in India. Californian motorists pay $6 per gallon for gasoline. Both are symptoms of the biggest ever disruption in energy supply. The two are directly related and show the impact of the U.S./Israeli war on Iran. The near-closure of 'Strait of Hormuz by Iran has caused global oil trade to be in chaos, and cut importers off from?around a fifth of global oil supplies that crossed the waterway prior to the war. Oil buyers have been forced to burn down their stockpiles to deal with the global fuel shortage. The pain is being spread...

Oil prices increased on Thursday, as traders remained focused on the Iran war and investors awaited a?meeting?between U.S. president Donald Trump and Chinese president Xi Jinping. Brent crude futures rose 13 cents or 0.12% to $105.76 a barrel by 0015 GMT. U.S. West Texas intermediate futures also gained 12 cents or 0.12% to $101.14. Investors were worried about possible interest rate increases in the United States, which led to a decline of both benchmark oil contracts on Wednesday. Brent crude futures dropped?more that $2 per barrel while WTI futures declined more than $1. Trump landed 'on Wednesday night in Beijing...

A senior Pentagon official stated on Tuesday that the United States war in Iran has cost $29 billion so far, which is an increase of $4 million from an estimate given late last month. The Democrats have been able to gain a lot of ground in the public opinion polls, as they try to tie the war to cost of living issues. The Pentagon announced on April 29 that the war had already cost $25 billion. Jules Hurst who performs the duties of comptroller told lawmakers that the new costs included updated repair and replacing equipment?and operational expenses. Hurst stated...

Consumer prices in the United States?rose rapidly for a second consecutive month in April. This resulted in?the largest annual increase in inflation for nearly three years, and further reinforced expectations that the Federal Reserve will keep interest rates at their current level for some time. The Bureau of Labor Statistics of the Labor Department reported on Tuesday that the Consumer Price Index rose 0.6% in April after a 0.9% increase in March. The economists polled had predicted the CPI to rise 0.6%. Estimates varied from a gain of?0.4% to 0.9%. Moderation was largely mechanical after the biggest increase since June...

The ongoing closure of the Strait of Hormuz may not seem to have much in common with the Indian diet cola consumers, but both are at risk. The world economy will be affected by the second and third round effects of the closure. This is because the price of refined fuels like gasoline and diesel has already increased. Electric vehicles (EVs), which allow drivers to reduce their dependence on fossil fuels, are widely considered one of the biggest winners in the current conflict between Iran and the United States. But EVs have a direct connection to the Strait of Hormuz,...

The leaders of Southeast Asian nations?holding a meeting on Friday will likely thrash out an coordinated response to the impact of the 'Middle East Crisis, in order to?ease the pressure of an energy shock which has shook?their oil-dependent economies. Leaders of ASEAN are expected to meet on Cebu Island in the Philippines to push for an harmonised approach to ensure food and energy security in a particularly vulnerable region to the nearly 70-day long blockade of Strait of Hormuz. Ferdinand Marcos Jr, Philippine president, said in his opening remarks, as ASEAN chair, that ASEAN stood together to show its ability...